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Escrow is a somewhat complicated term surrounding the process of purchasing your new home. Because escrow involves the money associated with buying a house, it can be a complicated concept to navigate in the process of home buying. However, escrow helps to ensure the home buying process runs as smoothly as possible by helping prevent potential issues that are often inevitable. With this, understanding escrow is a crucial aspect of the transaction that should be understood by both the buyer and the seller along the way. Keep reading and about escrow and how it serves a crucial role in the home buying process.
What is Escrow?
Loosely defined, escrow is a step in the home buying and selling process by which a third party holds the money used to make an offer on a home. In this process, this money does not go directly to the seller and is no longer held by the buyer. The step of escrow helps to eliminate the controversy of any negotiating ploys so that everyone involved in the process can receive what they are owed with minimal complications.
The Closing Of Escrow
Ensure ensures that everyone gets what they are entitled to at the same time. When the purchase of a home is complete, an officer will overlook the transaction between both parties. In many cases, this person is an attorney who is knowledgeable of legalities and logistics between home transactions. This process will include the recording of deeds, final paperwork, and of course, the exchange of monies. The officer needs to be present to ensure that all funds are disbursed between the buyer and seller. Also, they are there to check that all requirements are met from both sides. It is essential that the officer is impartial to the transaction.
How Can Escrow Help Your Home Buying Process?
While it may seem like a complex concept, escrow can be an extremely beneficial part of the home buying process. In instances where repairs are necessary or not completed on time, money in escrow may be utilized to cover the costs.
Title Escrow and Deed
If you are considering making a change to the Deed of your property, trust Jack Cooper, a Maryland Real Estate Attorney, for advice and professional assistance. Contact Jack Cooper Law today at 410-465-5822 or jcooper@jackcooperlaw.com.
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